Rosen's Daily Commentary

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EUR/USD is trading at support in the early European hours of today's session. The pair is currently trading at 1.0583 with a low of 1.0570. Bulls are now trying to bring it up backed by strong fundamentals and strong short-term technicals.

What gives bulls confidence is the lower than expected non-farm payrolls - 98,000, well below expectations of 180,000. The US dollar, however, did not react negatively at all and it kept appreciating against the single European currency.

The pair is looking to appreciate if current level holds. If the US dollar goes below 1.0550, then the bullish run would be considered invalid. Bulls have the upper hand in the situation and are looking to potential first target at 1.0690.

 

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USD/CHF is trading at resistance gravitating towards 1.0095. The pair will need to break above 1.0120 in order for the bullish run to continue, otherwise bears will take control and bring it down below parity.

 

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EUR/USD keeps on gravitating towards the 1.06 level. The pair broke 1.06 and reached a high of 1.0606 a few hours ago. Current market price 1.0591.

 

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pair slowly started to depreciate, so far confirming the change of trend. USD/CHF appears to be looking South as price is getting back into the descending trading channel.

Current market price is 1.0080, intraday high reached 1.0107 and that was the moment when bears took control and brought it down again. It is still early to confirm that the pair has changed direction. It would be a good indication if today's close is below 1.0080.

Should the bear take over, the pair is expected to go below parity. Short term target is seen at 0.9953 while major bear target is seen at 0.97. The latest US news indicate weakening economy and that could be enough to drive investors away from the US for a while until economic conditions improve.

 

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Gold looks ready to regain investors' confidence as US equities consolidated and the US currency is weakening due to lower than expected economic data. Last week the NFP failed to deliver something to hold on and the effect is only now starting to be visible in the markets.

Gold made its last low at $1,247 and is now trading at $1,257 with a daily high of $1,258.70. The precious metal has been rallying since $1,195 in the beginning of March. Now, one month later, Gold is at a high of $1,270.67.

If the US dollar continues to depreciate, Gold will continue to appreciate. First target for the bulls is seen at last high of $1,270, which also can be considered a triple top by some analysts. After that level is reached, next target is $1,288 and then the psychological $1,300.

 

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EUR/USD appears to be strengthening in price. The pair is now 1.05977. First bull target is seen at 1.0828, second rests at 1.10.

 

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EUR/USD is going higher today after a few days of consolidation around 1.06. The pair is now 1.0616. First bull target is seen at 1.0625.

 

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Gold reached a high of $1,279. The precious metal may take a breather now and consolidate between $1,270 and $1,280 until Friday when important US data is coming out.

 

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Gold reached it's highest point since the election day in the US on Nov 9. The precious metal then reacted bullishly to initial results and after that went downhill due to the strong US dollar and rallying US equities.

Gold made a low of $1,122 on Dec 15 last year and since then it has been gaining in price. Gold is now $1,287 and is trading at the upper trendline on the medium term outlook.

If the level holds, we might see bears taking over the Gold market and pushing the price down to a first support zone at last low of $1,246. However, the trend seems solid and we might more likely see the metal going higher to a first and very important level - $1,300, the psychological target.

Today's US data might give the metal a more certain direction.

 

[rosentray]

EUR/USD is now trading at 1.0615 amidst mild volatility ahead of the US CPI and Advanced Retail Sales data.